Posted by Crissie C. Luckey, J.D. on February 22, 2000 at 21:23:09:
Yes, I used the company recently myself. I searched and searched for weeks through mortgage brokers locally and from the web, and none of them got any results.
Luckily, I FINALLY found Full Spectrum through a Yahoo web search. I called and talked to a consultant that same night and explained my problem re: student loan judgments, etc., and he pulled my credit. He had underwriting take a look at it, and I was able to get a 70% LTV loan on a cash-out refi of a house I had inherited free and clear. (I needed the $ to buy out my co-heir). Yes, the interest rates and fees were high (I paid 15.5 points (that’s right, FIFTEEN AND A HALF discount points) to buy the rate down from 17.375% (yes, SEVENTEEN PERCENT INTEREST) to 9.625%)), but I did get the loan.
They also have a separate division for investment property purchases. They will make loans on non owner-occupied properties from 55%-90% LTV, depending upon credit.
From what I understand, they require 10% down minimum for NOO property. It may be more depending upon credit. However, the down payment issue can be overcome by proper structuring of the deal with seller-granted credits which would allow you to recoup most or all of your DP at closing.
Hope this helps. Good luck.